A few days ago, I read an article written by Dzoelx in Publish0x titled Owning Bitcoin doesn't make you a Bitcoiner.
Image source: Image by Mr. Zed from Pixabay
That struck me like a lighting (network - pun intended).
The title alone tells more stories than the write up to be honest.
Personally, I have never thought about the difference in between a Bitcoiner (for the tech!) and an Investor (For the pump!), and this writing is trying to address this very question.
Which are you, in the world of crypto?
A wise man once said, the journey towards your goal must first start by understanding who you are.
"Bitcoiners" who shouts "TO THE FEREAKING MUUUN" is adding more confusion to the mix.
Isn't the ethos of Bitcoin is to oppose the unethical conduct and the disastrous landscaping of financial world? If we follow the common behaviors in crypto space such as the Moon boys, then how different are we in comparison to the guys in suit walking down the WallStreet?
Probably not much.
The blurred line
The reason why I said so is because it is what it is. And what it is, is that crypto users are often misunderstood by the non coiners.
Are we degen? Are we investor? Are we spammers farmers? Are we really here for the tech? Or are we all of them with dominating trait?
Image source: https://www.coindesk.com/business/2014/03/29/11-top-bitcoin-memes/
What the hell, we don't even know who we are - well some of us does, but some is not all.
How do we expect people to understand us, if we don't understand us ourselves. How would we convince others to join our cause, if we don't even understand the cause that we are fighting for in the first place.
Again, not many are willing to admit it. I find that to be interesting and intriguing.
And that is true for every crypto projects that have their own "army" whom had the tattoos of the project they "love" blindly. Prayers to Terra Luna army.
My Own Involvement
Like everybody else, I have involved with many crypto projects holistically over the years. They are Atom, Bitcoin, Binance, Tron, Solana, Cardano, Doge, Digibyte, Bitcoin Cash, just to name a few. Some projects that I joined serve/d as "Play to earn", "Do to earn", Staking and crypto faucets are among many.
Still love the concepts to today. This is for all the projects, only if they developed and deliver better.
Due to that reason alone, I could count the projects that I truly believed in with the 10 fingers that I have. Perhaps even less than that could potentially change the world of finance that we have right now.
Bitcoin and Atom are among the few first that came to mind. Sorry, not sorry, but it's not going to be doge. It's good, but I don't think it will radically change the financial tech landscape. Regardless of many many developments and involvement of Elon Musk in it. I digress.
Image source: https://www.reddit.com/r/Bitcoin/comments/12fqf1p/bitcoin_meme/
Now, I am not saying that I'm a Bitcoiner through and through. It is just that I would not back any project without first assuming and understand the risk to my investment. And there it is - that makes me an Investor first, tech second.
No matter how much people try to convince themselves that they are in it for the tech, but how many truly uses the tech? If there are any tech to be used anyway in the project they are invested in.
Etc.
I love these things, but more so than that - I love that they give you ample amount of returns in comparison to tradfi schemes. Which barely give you 5% annual return - before counting for inflation.
Again, that makes me an investor first, tech second. Tradfi rebel third? Who knows.
The Mix of everything in one - crypto.
I know some of people in crypto are in the tech - trying to navigate through inflation. Sadly, crypto is too volatile to be a stable platform for that. You may use the tech, but the days are counting for another heart breaking All time low. Or maybe the excitement of new All time High.
Its like a roller coaster ride.
I can't even imagine using crypto tech with peace of mind, knowing how volatile the price can be. Unless you're staking. Functional hodling. As I explained in: HODL: The Dumbest Sh*t You've Ever Heard or Pure Genius?
Let me give you an example of what I mean from my own experience.
Play to earn was supposed to be fun first (for the tech)
I played Axie Infinity in the past. A quick run down, its a crypto game with NFT as its core behind the concept of "Play2Earn".
Logo source: https://axieinfinity.com/
The point of the game is to have fun while earning crypto through 2 modes: Adventure or Arena. At max, you would earn 100 SLP per day doing adventures. While Arena will give you the most SLP, obviously, the higher your PVP ranking, the higher your earning will be.
The SLP that you earn through playing the game can be claimed every 2 weeks.
Obviously the more you accumulate during the 2 week period, the better your earning will be
But here's the catch.
Just like any other "x to earn" model, its either you sell during the first moment you claim, or you wait for a better price. Some hodl their SLP to breed their Axie NFT.
Image source: https://axieinfinity.com/
But the question remains, what if the price of SLP dip during the weekend?
That affects how one would interact with the game, causing them to desperately trying to win as much as they can in high ranking battle.
How peaceful, nay, how fun can the game be? With the mounting stress. Not much fun, you think. And its true.
Image source: https://www.bluestacks.com/blog/bluestacks-roundups/best-gacha-games-2022-en.html
And this comes from a guy who plays PVP gacha games my whole life. Its because "earnings" are included in the fun. Even in normal free to play games its still quite stressful - adding earnings into the system caused the stress to go into overdrive mode.
If I were to go at it again, I'll earn whatever I can without stressing it much. Then convert the SLP earnings into AXS or RON, then proceed to stake them. Rinse and repeat until the stakes hits peak amount where it can produce returns that equals the 2 week worth of gaming. By then, I could just simply play the game much more leisurely.
Easier said than done. Because the rewards might be slashed, and token price could take a dump.
Thank god those days are behind me and I don't have to care if the price tanks right this very second, because I am no longer involved with the project.
My honest take
I clearly care more for the money, rather than the fun. And that is true for every other project as well. Including Bitcoin. But at least I don't have to lie about the main reason why I'm in it.
I am hodling some BTC, but since I just hodl them - that does not make me a Bitcoiner, that makes me an investor. A Bitcoiner will use BTC to buy tickets, groceries, and even car. I love that. I wish I can be one - that is after I am rich and don't care much about the money. The truth is it isn't that simple.
Both Bitcoiner and Investors believe that Bitcoin will outlive fiat currency. Who knows, really.
The title itself tells a lot about who we are, and what we truly wish from the crypto projects that we involve ourselves with.
Being truthful about it, will benefit you more, is what I believe.
Maybe with that, our goal will become much clearer and we could then invest without getting affected too much on the emotional level. Subsequently, reducing the risk of being trapped by FOMO and FUD.
Depending on how the project's reward structure, you could make an argument that the stress that comes with the capability to earn either heightened or dampened. Still, what matters is still the monetary return based on the resources you have spent, to gauge if the project is worthwhile, or not.
Again, the viewpoint of tech itself seems to be a permanent resident of backseat driver. Especially when it comes to your involvement with a crypto project.
In the end, just because you own Bitcoin, does not mean you are a Bitcoiner, is the truth. Bitcoin does not mean anything for the masses when it was 1 dollar, but it become a mean to revolutionized the financial industry at 50K per piece. Funny, really, how that works.
The truth is that it does not matter if you are a Bitcoiner or are you not. It matters the most to understand why you are investing in the project you are in. Perhaps, through that, we could convey our message to people outside of crypto sphere much more accurately of what we are and what we do. I think its important.
So which is it, are you a Bitcoiner whom are in for the tech? Or are you just an investor. Waiting for the right time to dump in exchange for Fiat.
But I am no Bitcoiner, I'm one of its investor that happens to love the idea of the tech and occasionally use them.
**REFERRAL LINKS **
Betfury - Earn money through betting, staking and freebies! ( I use them for staking and earning freebies to be honest :D )
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Rising Star - Card base NFT game - free to play
DFI Cake Staking - Get $20 worth of DFI when you sign up and make a deposit of $50 or more. If you use a referral code, both you and your referrer get an extra $10!
Publish0x - Another read to earn crypto site
Solcial - Twitter like crypto social media
Torum - Facebook like crypto social media!
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BULB - Another read to earn crypto site powered by Solana chain
